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A spokesperson for House of Fraser, part of Sports Direct boss Mr Ashley's portfolio, today said "an agreement with the landlord" has enabled it to remain in occupation.

Shops Exeter has lost. House of Fraser advertised to close in January 2019

The news will come as a relief for many concerned about the impact its closure would have on High Street footfall, with the building sitting at its heart.

Mike Ashley's last Monday visit coincided with rumours the huge shop, filled with big designer brands, would be converted into a Flannels - also owned by the business.

Shoppers also took to social media over the weekend to reveal that staff had told them they were staying open after the renewing of the building's lease.

A similar U-turn took place with Plymouth's branch last year, due to a rent reduction.

Exeter City Council has spoke of its 'delight' at the decision they have had to keep under wraps.

Exeter City Council’s Chief Executive and Growth Director, Karime Hassan, said: “We have had to keep quiet for many months now, working behind the scenes and the headlines. We are absolutely delighted with the decision.

“Just this week we learned that footfall across the city centre over Christmas was only down 1% year on year. This compared to a national drop of 7%. And this in a year of when IKEA opened!

“Even though there are many changes to the High Street, the city has the second lowest shop unit vacancies in the country. As you can see with the £7.7million investment in the bus and coach station, and wider St Sidwell’s Point project, we remain fully committed to a strategy of diversifying the city centre and consolidating the offer.”

The history of Exeter's House of Fraser

The beginning

(Image: Exeter Memories)

In 1854, Colson and Sparks were involved in collecting and compressing into bales, donated lint and old linen to be sent to the hospitals treating British troops in the Criea.

16 years later, John Colson went on to form another partnership, causing the business to change its name to Colson and Gates which was run by his son, George, who also becomes the Sheriff of Exeter.

Trade dipped dramatically, however, in 1887, after the Theatre Royal fire in Longbrook Street which killed 186 people, and the store used its entire stock of calico to wrap the bodies of the victims.

“ Every woman will relish the beautiful linen, the downy cushions, the eider-down quilts, and exquisite embroideries, of which they have such a lavish display,” a 1902 Western Times report on the store read.

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“Everything that is new and elegant in the way of furs is to be found at this establishment—pointed fox, skunk, ermine, sables, and Persian paw being conspicuous amongst others. An entirely new innovation, moleskin plush, is to be seen in their window.

“It makes a stylish garment, and would, no doubt, be a novel and acceptable present. Laces of every kind on are view.”

Refurbishment followed, as did another change of hands, this time to Exeter JP, Sir Edgar Plummer who ran the store for 12 years before selling it to Bright's of Bournemouth in 1925.

The War years

The war years were tough. The only bright spark, one would say, was that a young Danny la Rue – who was evacuated to Kennford from Ireland – worked in the bakery there.

(Image: Exeter Memories)

The blitz on May 4, 1942, was dramatic. The back of the store was hit by a high explosive bomb while the building next to it was destroyed by incendiary bombs.

Flames engulfed the venue, spreading to the roof and the top floor.

The rest of the building was only saved, Exeter Memories say, by the timely action of the fire services and a 4ft 6in cob wall that held the flames back.

(Image: Target Exeter)

Its longevity was not to be curtailed, however.

The store got off lightly compared to others on the high street and continued to trade after the war.

A new dawn

In 1953, plans were drawn up by Dix's Field architect F W Beech & E Curnow Cookes to replace the whole of the store in nine stages.

It also underwent an expansion, and it was then when the city’s first escalator was installed.